Granules India rose 2.51% to Rs 316.90 at 12:48 IST on BSE after consolidated net profit surged 90.33% to Rs 23.62 crore on 55.33% growth in total income from operations to Rs 317.47 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced on Thursday, 24 April 2014. The stock market was closed that day, on account of Parliamentary elections in Mumbai constituency.
Meanwhile, the S&P BSE Sensex was down 38.42 points or 0.17% at 22,838.12.
On BSE, so far 1.32 lakh shares were traded in the counter as against average daily volume of 1.06 lakh shares in the past two weeks.
The stock hit a high of Rs 329 so far during the day, which is a record high for the counter. The stock hit a low of Rs 316 so far during the day.
Granules India's consolidated net profit surged 131% to Rs 75 crore on 43% growth in net sales to a record Rs 1096 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 87% to Rs 163 crore in FY 2014 over FY 2013.
Granules India said that the growth in FY 2014 was driven by strong performance across all manufacturing facilities including the company's Chinese JV. The primary growth driver in FY 2014 was led by the company's commercialization of its PFI and Finished Dosage expansion at the Gagillapur facility. The company improved utilization in the newly expanded facility throughout the year and expects to continue improvement utilization in the future. In addition, the API facilities continued to increase production which contributed to strong sales, the company said in a statement.
Commenting on the company's financial performance, Krishna Prasad, MD, Granules India said, "The past fiscal year was exciting for Granules. We were able to increase sales while improving profitability due to our relentless focus on delivering high-quality material at a cost-effective price. We believe our product portfolio offers compelling opportunities and we will continue to strengthen our leadership position. In addition to growing our core business, we have been looking at opportunities to diversify our sales by leveraging our core competency of efficient manufacturing. In FY 2014, Granules made its first acquisition by purchasing Auctus Pharma. The acquisition of Auctus fits into our strategy of being a fully integrated manufacturer while diversifying our product portfolio by adding high-value products with significant market demand. In the short-to-midterm, we will focus on selling APIs from the Auctus portfolio to customers in the regulated markets. Over the long-term, we will add value by offering finished dosages from select APIs in the same portfolio. While we're certainly happy with the progress we made in FY 2014, we have our eyes toward the future. We will continue to strengthen our model and build systems that are sustainable as we continue to scale-up".
Granules India's board of directors at its meeting held on Thursday, 24 April 2014, recommended final dividend of Rs 3.50 per share for FY 2014.
Granules India is a fast growing pharmaceutical manufacturing company with world class facilities. The company produces finished dosages (FDs), pharmaceutical formulation intermediates (PFIs) and active pharmaceutical ingredients (APIs).
Powered by Capital Market - Live News
